Tuesday, July 30, 2013

How to Get Pre-Approved for a Minnesota Home Loan

Buying a home in Minnesota can be a long process, but you can save yourself a lot of time and energy by being pre-approved for your home loan. Having a pre-approval letter from a mortgage lender will not only make you a knowledgeable home buyer, it will also make you a competitive home buyer when you find a home you want to make an offer on.

A mortgage prequalification will allow a lender to give you a vague idea of what type of home you will be able to afford, a pre-approval however will let you know exactly what type of home you will be able to afford. In order to be pre-approved for a home loan in Minnesota you will need to provide a lender with certain documents including W2s, pay stubs, tax returns and bank statements. They will then review this information, verify it, and be able to give you a precise amount which you will be able to borrow. Having this information saves you time in the long run because you won’t waste time looking at houses you cannot afford.

A pre-approval letter will also set you apart from other buyers. A pre-approval letter is a very strong bargaining tool when you make an offer on a home, and will help you negotiate. The housing market is turning around. Housing prices are on the rise throughout Minnesota and people are starting to buy. With houses on the market being purchased very quickly, having a pre-approval letter is crucial. If a seller has similar offers from two buyers but you are already pre-approved for a loan, they will be more willing to work with you.

Talk to a qualified loan officer with United Home Loans and get pre-approved for your Minnesota home loan today! Just call (708) 531-8388 or click the link below to find out what you can get conditionally pre-approved for today!

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